Actis, the London-based emerging markets investor, has sold its 85 per cent stake in Accra Mall to South African commercial and retail property developer Atterbury and financial services group Sanlam.
Accra Mall is Ghana’s first shopping and leisure centre, home to international brands such as Shoprite and Game, as well as Ghanaian brands including Kiki Clothing and Nallem.
Actis managed the development process, invested the equity and raised the debt to finance the project, working in partnership with Ghanaian entrepreneurs the Owusu-Akyaw family.
The mall opened its doors in July 2008 fully let, and today attracts 135,000 shoppers each week. Financial terms of the deal were not disclosed.
“This sale reflects the serious interest of quality institutional investors in sub-Saharan real estate assets. The development of Accra Mall came at a time when Ghanaians still sourced even basic goods from London and Johannesburg. Now they can buy products locally with pride,” said Actis real estate head David Morley.
“We are extremely pleased with what we have achieved here, in partnership with the Owusu-Akyaw family. Accra Mall’s success gives us great optimism for our upcoming projects in Accra, both our mixed use development in the Airport area, and One Airport Square.”
The deal highlights the increasing interest in Ghana as an investment destination for foreign investors. Earlier this month Sub-Saharan Africa-focused private equity firm Development Partners International bought almost a third of Ghana-based CAL Bank in a $61.5m deal.
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